The Challenge
Core Protection Systems Limited (Corpro) produce advanced and innovative respiratory mask and filter systems, which have been designed with the user at their core. Since inception, Corpro has evolved from an initial concept through to a successful production business.
Phil and June Scott, the Directors of The Filter Design Company, had an offer accepted to purchase the remaining shareholding in Corpro, together with the purchase of Intellectual Property, patents, plant and equipment required to enable Corpro to operate independently. There was an urgency for Phil and June to be the sole owners of Corpro due to the previous shared owners’ desire to exit the business urgently to concentrate on other business ventures.
The Solution
PMD facilitated a seven figure Management Buy Out (MBO) through their Structured Finance team and included an innovative ABL finance package. Callum Bull, Head of Structured Finance at PMD, said:
‘This has been a hugely fulfilling and enjoyable transaction to work on alongside Neil. I am delighted we have been able to form an innovative CBILS funding package within short timescales for Corpro, particularly given the criticality of their products to the safeguarding of healthcare professionals among other key sectors. Phil and his team have an exciting growth strategy. We look forward to working closely alongside both Corpro and The Filter Design Company in the future and we wish them every success.’
The Results
Phil Scott commented on the result of the support given by PMD Business Finance:
‘Both companies sought out cost-effective finance in a timely manner, and their proactiveness ensured the business deal was taken care of to the required schedule. Without their hard work, I am not sure the acquisition would have been successful. As a result of the transaction, we at Core Protection Systems can now effectively strategize the business moving forward. Our main objectives are to increase our international sales by targeting key regional distributors globally, and to develop our product range further to become a key, high quality and comprehensive supplier of respiratory protective equipment both in the UK and beyond.’